2026 Managed Accounts Research Series Overview

This research article presents the first study in the 2026 Managed Accounts Research Series, focusing on the effectiveness of managed accounts (MAs) within defined contribution (DC) plans. The study employs the Defined Contribution Outcomes Model (DCOM) to quantify the value added by MAs compared to traditional investment strategies such as target-date funds (TDFs) and do-it-yourself (DIY) portfolios. It outlines the methodology for evaluating participant outcomes under various scenarios, including a baseline scenario without MAs and a counterfactual scenario utilizing MAs. The findings indicate that MAs generally enhance retirement outcomes for participants across diverse demographics, with significant benefits noted for younger investors and lower-income participants. The article discusses the implications of these results for plan sponsors and participants, emphasizing how MAs improve the median wealth/salary ratios at retirement age. Furthermore, the research compares its findings against existing literature and previous studies to contextualize the results within the broader discourse on retirement planning and managed accounts.